According to Wu, Ark Invest said in its latest Bitcoin market report released on Wednesday that its MVRV Z-score indicates that Bitcoin's price is in the early to mid-stage of a bull market. The MVRV Z-score is a commonly used indicator used to identify periods when Bitcoin is undervalued or overvalued, which looks at three factors: Bitcoin's current market value, realized value, and Z-score. Ark Invest is also bullish on Bitcoin scaling solutions such as rollups and sidechains.